2016 Essence Festival

Posted Saturday July 09, 2016 by hhwealth14

2016 Essence Festival

2016 Essence Festival

2016'7-Essence-Money-&-Power

Last week was a whirl wind but truly amazing.  It was my first time attending the Essence Festival in New Orleans.  There were so many people and great information being shared which made my trip even more enjoyable.  If you haven’t been, you should add it to your bucket list. 

If you didn’t know, I was invited as a speaker for their first annual Money & Power Expo.  My topic was “Money Matters – Creating Wealthy Habits.”  Based on the response of the audience, I felt I should share or reiterate some of the tips I gave to them with you.

WHY BALANCE PAYING OFF DEBT WITH INVESTING?

I was questioned on my belief that you need to not only focus on paying off debt but that you also need to be investing for your future. Everything in life is about balance. If you focus too much on one area than another will suffer.  They both are important.  If you don’t start early, then you miss out on benefiting from compound interest, which is how your money can multiply over time.

WHY PROTECTING YOUR LEGACY IS IMPORTANT?

In my blog post from May, I discussed this in more detail.  The ultimate goal in this type of planning is protecting your family’s legacy.  From a financial perspective, you get to keep the personal aspects of your assets private, you can control how and when these assets are distributed, and it offers protection for your children against potential creditors and unnecessary taxes.

HOW HAVE I HELPED CLIENTS?

Lastly, I was asked how a client benefited from working with me.  The major value I offer is helping clients to make better financial decisions.  I’m the sounding board and they get to bounce ideas off of me before finalizing a decision.  Whether that’s negotiating for a particular salary, planning for retirement, recovering after a divorce, determining ways to minimize their tax liability, or just guiding clients with their investment choices so they better align with their personal goals.  It’s not to say I have all the answers, but I can provide a different perspective, one clients may not have thought of before.

These are just a few of the tips I shared during the Money and Power Expo at the Essence Festival.  I hope they provide additional insights that can better your financial steps and help you along your wealth journey.

 

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